"As part of the development of Andhra Pradesh, the state government is planning five grids covering water, power, road, gas and digital system in coming future," Naidu said on the sidelines of launching of 'Prime Minister Jandhan Yojana' here in East Godavari district.

The Chief Minister handed over bank pass books to account-holders on the occasion.

The ambitious scheme was unveiled by Prime Minister Narendra Modi in New Delhi, within 100 days of forming the new government. The scheme will cover 7.5 crore people by January 26, 2015, who will be provided zero-balance bank account with RuPay debit card, life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs 1 lakh.

"Economic freedom is akin to attaining real freedom for the poor. Prime Minister Narendra Modi has initiated changes and the introduction of Jandhan Yojana will result in eradication of poverty.

"For the poor, the scheme will facilitate in eradication of middlemen in financial transactions and will also facilitate getting overdrafts after six months, to meet their immediate needs," Naidu said.

The Chief Minister proposed the need for cancellation from circulation the currency notes with Rs 500 and Rs 1000 denominations.

He reiterated his poll promise to waive off loans of farmers, saying the bifurcation of Andhra Pradesh has badly affected its economic health.

Naidu said that a loan waiver up to Rs one lakh will be granted under DWCRA (Development of Women and Children in rural Areas) scheme and sand reaches will also be allotted to them.

The Chief Minister said that help of institutions like ICRISAT will be taken in overall development of agri sector.

"The state government is planning to connect all developmental schemes with 'Prime Minister Jandhan Yojana' through the RuPay cards," he added.